Borg to block EU bank supervision plan
Published: 30 Nov 12 12:56 CET | Print version
Online: http://www.thelocal.se/44774/20121130/
Sweden’s Finance Minister Anders Borg will vote against a European banking union at a meeting in Brussels next Tuesday, effectively vetoing the plan.
- Sluggish Swedish economy still beats growth forecasts (29 Nov 12)
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"There are a number of important questions remaining. We don't think we've the reached a point where it's possible during this Ecofin meeting to make a decision," Borg told the TT news agency.
“There is still a lot of time left until the end of the year, if we need to make our minds up by then.”
Sweden has several objections against the current proposal, which includes European Central Bank (ECB) remit to supervise national banking sectors.
“It quite simply won't work for us until we reach a compromise that everyone can live with,” Borg told TT after a meeting with the parliamentary EU committee in Stockholm on Friday, where committee members from other parties also gave him their support.
The proposed union aims to strengthen ties between EU banks, with the ECB playing a key supervisory role.
For non-euro countries like Sweden, taking part in the debate is voluntary.
TT/The Local/og
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